It used to be that when you got married, you simply merged your finances. But that isn't the case in today's world. Finances are more complicated. Lots of people bring debt, student loans, child support and emotional ties to their money into their relationships. Sometimes a joint checking account doesn't work out and separate accounts are better. Sometimes separate accounts don't work.

What you have to do is sit down and talk about all of your options. Discuss your finances with each other, openly and honestly. Make the decision together.

The traditional option is having a joint checking account. This is the easiest method when it comes down to merging your finances. But you both must be accountable for what goes in and what goes out. This option requires a lot of communication. You have to both check the account register regularly and be responsible for putting in debits. If you have debt issues, don't keep receipts, don't write down checks and have a habit of spending without thinking, this may not be the best method.

The one-two method is having one joint account and two separate accounts. There are many combinations of this. Many couples will set up a joint checking account and keep their own individual accounts. They each put an agreed upon amount into the joint checking to pay the household bills and expenses. This method allows each person to keep their own financial freedom.

You will have to determine how much each person devotes to the joint checking. Start by setting up a budget to determine the monthly expenses. If you both earn about the same amount, you will each contribute half. Don't forget to both contribute to your savings for your shared financial goals, such as vacations and college educations for your children.

Any pre-existing credit card debt, student loans or other loans will come out of your own personal checking account.

How do you determine how much each person puts into the joint account if you make different salaries. Start by adding your two incomes together. Divide the lower salary by the combined salaries to get the percentage of income from the lower paid spouse. For example, $50,000 plus $25,000 equals a joint income of $75,000. You would then divide $25,000 by $75,000 and come out with .33, which is 33%. The lower paid spouse will pay 33% of the bills because they bring 33% of the money to the table. The higher paid spouse pays the remaining 66%.

Personally, we keep a joint checking account. We tried separate accounts but kept borrowing from each other and it was confusing and didn't really work for us. My husband makes 95% of our income, so he pays all the monthly expenses. My income goes straight into savings for our financial goals. That works for us.

Our good friends have separate accounts. In fact, there marriage was on the rocks for years until they split their finances. They each contribute to the household expenses, but for the rest of their individual stuff, they are on their own.

Either way, you have to have communication. You have to talk to each other about what is going on. Be open and honest. You don't want money to separate you, even though you have separate accounts. Be generous with each other and wise in your decisions.

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